Before September 11, insurance occupied no more than an afterthought in the minds of most in the aviation industry. For years, premiums had remained relatively stable, even reasonable, and standards of coverage conformed to the level of threat, perceived as minimal. In the years ahead, the aviation industry will look back at those as “the good old days.”
EPG Insurance introduced a out-of-warranty maintenance plan that the company said covers almost all unscheduled repairs on small business jets and turboprops. The coverage plan, called Av-Guard, is restricted to aircraft that sell for $3 million or less. It is effective for 12 months or 500 hours of operation, whichever occurs first.
If you are thinking of starting a business aviation charter or management company, consider sending as many of your company’s managers as possible to Conklin & de Decker’s Commercial Operators & Management Tax Course. The two-day seminar goes into great depth about the myriad subjects that any charter/management company will eventually encounter.
The tax committee of the NBAA will host two events in conjunction with its 57th annual meeting and convention in Las Vegas in October. The NBAA 13th Annual Tax, Regulatory & Risk Management Conference (previously known as the NBAA Tax Conference) is scheduled for October 10 and 11 at the Las Vegas Hilton.
This year’s Aviation Insurance Association (AIA) conference, held from April 28 to May 1 in Palm Springs, Calif., convened in the atmosphere of an aircraft insurance market that is putting smiles on the faces of aircraft operators while underwriters and brokers tussle in a highly competitive business environment.
Property and casualty insurance company Travelers is venturing into aviation with its Travelers Aviation division, announced last month.
European Union (EU) Regulation 785/2004, which went into effect April 30 and requires minimum aircraft insurance levels for war risk and third-party liability, has resulted in "severe financial impacts" for operators far greater than expected, according to the International Business Aviation Council (IBAC).
Following a hard look at the recent series of air charter accidents, the National Air Transportation Association has taken steps to assist operators in improving safety. NATA president James Coyne unveiled the association's new “Safety 1st” air charter Safety Management System (SMS) in a town hall meeting yesterday with some 50 aviation businesses at Teterboro Airport.
As deliveries of very light jets (VLJs) begin, concerns that they might be difficult to insure have almost evaporated. Manufacturers have had the chance to brief underwriters in depth about their models’ designs, performance characteristics and systems.